Who hasn't heard the word "Bitcoin" yet? It's not just on everyone's lips in financial circles.

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What is it?

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Bitcoin is the bedrock of crypto currencies, which means it is the very first digital and decentralized money based on blockchain technology.

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It is...

• decentralized, i.e. it cannot be manipulated or controlled directly by a single authority or a minority

• "open source", i.e. the programmed code is publicly accessible

• published in 2009

• limited in quantity, i.e. there can only be 21,000,000 BTC at a time.

• divided into Satoshi. 1 BTC = 100,000,000 Sat

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Why was Bitcoin created?

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Bitcoin is the just consequence of the current monetary system.

Since it has long been common knowledge that the current monetary system is in fact in private hands, with the interest and compound interest system is extremely undemocratic and exploitative, and will collapse in the near future, a group of programmers took on the matter and created this decentralized and limited-quantity crypto currency called Bitcoin (BTC). We humans can decide whether we want to submit to the digital & central FIAT currencies that are about to be introduced, or use free money like Bitcoin.

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You can already pay with this currency today, but it will only become really attractive when all Bitcoin have been produced, which will take a few years.

Until then, you should use Bitcoin as a savings account, and this for various reasons:

The value of Bitcoin will increase a lot until all Bitcoin have been produced.

If the financial system collapses, your savings in the form of Bitcoin are safe if you store them properly.

If the Bitcoins are stored on an external storage medium, i.e. not in an online account, only the owner has access to his money. (This of course also means that the owner alone is responsible for his Bitcoins.)

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In the years since the release of Bitcoin, a lot of new crypto currencies have been created, and some are very interesting due to their individual characteristics.

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The advantages of digital decentralized crypto currencies:

Peer to peer transfer, i.e. there are no longer any middlemen in between (banks, VISA, Mastercard and co) who also want a piece of the pie. A transfer takes place from the sender's device to the recipient's device, e.g. from cell phone to cell phone.

The owner alone has his own money, and no one can take it away from him without his consent.

No one except the owner knows how much money he has, unless he has all his money in a single wallet, and this wallet is clearly linked to his legal entity.

The transaction costs for a transfer are very low.

Cryptocurrencies are unstoppable and will make our lives much easier and free us from dependence on banks.

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You have to be aware that neither governments nor banks support this technology because they cannot control it. So you will not expect any advertising for cryptocurrencies from these authorities.

It should be noted, however, that some banks want to take care of the storage of cryptocurrencies because these banks have realized that cryptocurrencies will replace conventional FIAT currencies in the future and there will always be people who do not trust themselves to manage their money themselves.

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The advantages of this technology speak for themselves, so you do not need encouragement from your bank or government to realize how much cryptocurrencies will improve your life. Once you get used to handling Bitcoin and the like, you will never want to go back to FIAT currencies.

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You are also welcome to follow my channel on Telegram, where I often publish important news on this topic. All you have to do is install Telegram on your phone/tablet/computer and click on this link.